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The total revenue from the sale of match tickets is given as 𝑅(𝑥) = 14𝑥 + 3𝑥 2 + 16. a. Find the total revenue function b. Find the marginal revenue function c. Find total revenue and marginal revenue at x= 80

Question

The total revenue from the sale of match tickets is given as 𝑅(𝑥) = 14𝑥 + 3𝑥 2 + 16. a. Find the total revenue function b. Find the marginal revenue function c. Find total revenue and marginal revenue at x= 80

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Solution

a. The total revenue function is already given as R(x) = 14x + 3x^2 + 16.

b. The marginal revenue function is the derivative of the total revenue function. So, we differentiate R(x) with respect to x.

The derivative of 14x is 14, the derivative of 3x^2 is 6x, and the derivative of 16 is 0.

So, the marginal revenue function, R'(x), is 14 + 6x.

c. To find the total revenue and marginal revenue at x = 80, we substitute x = 80 into the functions R(x) and R'(x).

Total revenue, R(80) = 1480 + 380^2 + 16 = 1120 + 19200 + 16 = 20336.

Marginal revenue, R'(80) = 14 + 6*80 = 14 + 480 = 494.

This problem has been solved

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